Comparative Advantage and Uncertainty Bearing
The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing.
The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing.
Economist Fritz Machlup took a unique goals-assumptions-opportunity costs approach to the examination of alternative monetary reform plans. During the Bellagio Group conferences he,
A noteworthy feature of Murray Rothbard's monumental history of economic thought is his vigorous denunciation of Adam Smith and the Wealth of Nations.
Arthur Hughes seeks to apply the Austrian theory of the business cycle to the recession of 1990.
The article by Jörg Guido Hülsmann, “Free Banking and the Free Bankers,” is an important contribution to a proper understanding of free-banking systems. He is perfectly correct in blaming some advocates of free banking who support arguments which are irrelevant or wrong,
Austrian economics has important contributions to make in two particular areas — to the theory of rent and to an understanding of the meaning of equilibrium. The legacy of perfect competition casts a long shadow, inhibiting an adequate understanding of the dynamic market process in which rent is earned in disequilibrium.
The particular force of Thier's argument lies in the refutation of economic calculation under socialism not only on grounds of practicability, but of a theoretical reasoning about the role of property
Persons with an Austrian perspective must evaluate the probability that an Austrian message will reduce their publication chances in mainstream journals.
Amartya Sen's wide-ranging book grasps a point ignored by many economists. Economists are generally alive to the virtues of markets, and few since the collapse of communism have a good word to say about central planning.
During the late 1840s more than one million Irish died and many more emigrated, with the Irish population not returning to its former level for over a century.